Eternal Ltd. share price climbed nearly 3% in early trade on Thursday after the company reported a strong set of June quarter earnings, driven by robust growth in its quick-commerce business.
The stock rose as much as 2.99% to an intraday high of Rs 291.90 per share. At 10:10 am, Eternal shares were trading near the day's high. In comparison, the BSE Sensex was down 0.16% at 76,631.
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The rally came after Eternal, the parent company of Zomato and Blinkit, reported a 260% year-on-year rise in consolidated net profit for the quarter ended June. However, profit came in below analysts' estimates of Rs 300 crore.
Net profit increased to Rs 92 crore from Rs 25 crore a year ago.
ALSO READ: Eternal Q1 Results: Profit Rises Over 260% But Misses Estimates; Food Delivery Revenue Up 37%
Revenue from operations surged to Rs 20,211 crore, compared with Rs 7,167 crore in the year-ago quarter, marginally ahead of analysts' estimate of Rs 20,058 crore.
At the operating level, EBITDA jumped to Rs 594 crore from Rs 115 crore a year ago, beating analysts' expectations. EBITDA margin improved to 2.9% from 1.6%.
The company's quick-commerce business remained the key growth driver, with revenue soaring to Rs 15,664 crore from Rs 2,400 crore a year earlier. Meanwhile, food delivery revenue rose 37% year-on-year to Rs 3,100 crore.
Revenue from Hyperpure, Eternal's business-to-business (B2B) supply platform for restaurants and cloud kitchens, declined 55% to Rs 1,034 crore.
Meanwhile, Blinkit reported a sharp turnaround, posting an EBIT of Rs 365 crore, compared with a loss of Rs 42 crore in the corresponding quarter last year.
ALSO READ: Eternal Says Current Level Of Quick Commerce Discounting Won't Continue Beyond Near Term
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